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4 days ago · Exempt vs non-exempt Salaried vs hourly Exempt: An exempt employee is an individual who is exempt from the overtime provisions of FLSA because they are classified as an executive, professional, administrative, outside sales employee, and certain computer professionals , and meet the specific criteria for the exemption.
3 days ago · Employees will either need to be increased to the minimum salary to maintain exempt status or be classified as non-exempt and begin receiving overtime pay. Many of these employees have been working over 40 hours weekly as salaried employees, so shifting them to non-exempt with overtime pay could have a significant impact on a nonprofit’s budget.
4 days ago · Employers with exempt employees making less than the new minimum salary requirements for exempt workers will need to decide whether to raise salaries or reclassify employees as nonexempt.
5 days ago · Exempt vs. Non-Exempt Employees. One major challenge companies encounter when attempting to comply with FLSA regulations is distinguishing between exempt and non-exempt employees. Understanding these categories is vital as this classification determines eligibility for overtime pay and minimum wage protections.
4 days ago · Employers with non-exempt employees also need to track work hours and maintain relevant records, and consider other wage and hour obligations under applicable state law. In addition to increased costs, reclassifying certain employees as non-exempt and requiring them to track their hours worked may affect employee morale.
4 days ago · In: Labor & Employment. By David Harvey and Daniel Feldman. On April 23, 2024, the United States Department of Labor announced a final rule establishing new salary thresholds for exempt employees under the Fair Labor Standards Act (FLSA). The rule, titled “Defining and Delimiting the Exemptions for Executive, Administrative, Professional ...
14 hours ago · The taxpayer should enter the net tax-exempt interest amount, which is the interest received in excess of the amortized bond premium, in line 2a of Form 1040 or 1040-SR. If a taxpayer purchased a tax-exempt OID bond and paid an acquisition premium, they should report the net tax-exempt OID amount on line 2a of Form 1040 or 1040-SR.
